How companies are leveraging data in the insurance sector

BIG DATA, for the insurance sector, has now become a business imperative

- Girish Nayak

Data is the biggestcurrency today. Miningdata accurately not only helps in cutting down on fraud claims, but also helps in identifying new prospects, increasing sales, and engaging better with customers. In recent years, top companies and leading sectors like insurance have come to recognise that to compete with the extremely-agile datadriven competitors they must become more adept at leveraging their data assets. Big data is not just a buzz word any more. As consumers demand more from insurance companies, the need for a more efficient way to examine risks grows as well. Big data, for the insurance sector, has now become a business imperative.